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With interest rates hitting an all time low for the year this week and Spring upon us I figured it would be a great time to help shed some light on a topic that seems to be of much debate these days in the mortgage industry. I find myself coming across more and more people in my line of work that tell me sure mortgage interest rates are great Cheap Solomon Hill Shirt , but that’s because no one can get approved for a loan. I’m here to tell you that is just not true. While lending guidelines have undoubtedly tightened up over the last few years there are still many programs available to help you purchase and or refinance a home. I would like to share just with you some general information with on what you need to do and what lenders are looking for to get you approved for a mortgage in today’s market.

The basic criteria of what lenders are looking for when they decide to approve or deny your mortgage application are what we in the business like to call the 4 C’s. The 4 C’s are Capacity, Credit, Cash and Collateral.

Let’s look at the first C. Capacity analyzes a borrower’s ability to pay their purposed debt. Capacity considers and calculates what your Debt to Income Ratios is using two calculations. The first calculation is your front end ratio. A borrower’s front end ratio calculates their monthly housing related expenses divided by their pre-tax income. Just to clarify monthly housing expenses includes principal and interest Cheap Rajon Rondo Shirt , real estate taxes, home owner’s insurance, monthly mortgage and flood insurance if applicable. A 28% or less front end ratio is considered a good front end ratio. Some lenders will allow this ratio to be higher than others. The second ratio is the back end ratio. The back end ratio simply takes your front end ratio and adds to it all of a borrowers recurring debts. This does not take into account expenses that aren’t reported on your credit such as cable TV Cheap Nikola Mirotic Shirt , cell phone, utilities etc. A good back end ratio would be 40%. Please keep in mind you need to speak with an experienced mortgage loan originator in order to help you determine exactly what income a bank will or not all you to use when performing this calculation.

The second C is Credit. A lender will pull your credit to obtain a FICO score to assess the likelihood of future payment on a new account. A credit score of 720 or above is considered very good. A credit score of 660-720 is considered good and a score from 620-660 would be considered mediocre. Most lenders today prefer to see at least a 640 FICO score. There are lenders that will allow for lower scores, but generally you want to be above at least at a 640 to ensure you have a wide range of lenders to choose from. Some loan programs such as conventional are more heavily weighted on a higher FICO score while other programs such as FHA are a little more flexible when it comes to lower credit scores. Consult a qualified loan professional to discuss this further.

The third C is Cash. When a lender is looking at your cash they are analyzing two main factors. The first factor they are considering is your cash in the deal Cheap E'Twaun Moore Shirt , ie. how much money are you investing in the transaction. The more money you have invested in a transaction the less likely you are to default on the loan. The second factor they are considering when looking at your cash is the amount of money you will have in reserve after closing. A borrower showing more money in reserve after closing poses a slightly lower risk to the bank.

Finally the fourth C is Collateral. Collateral refers to the value of your home. Lenders refer to this to evaluate your loan to value ratio (LTV). The higher the loan to value ratio the greater the risk to the bank. Here is why. Let’s say a home is worth $100,000 and you owe or want to borrower $95,000. Your LTV would be 95%. Now let’s take that same $100 Cheap Jordan Crawford Shirt ,000 home and assume you owe or want to borrow $50,000. Your LTV is now 50%. If times became tough and you were unable to make your mortgage payments you could easily sell your home and walk away with some money. In an even worse example if you defaulted and the bank foreclosed on your home they would have more of a spread to recover their losses in second example where the LTV is only 50%.

There are programs available to help you if you fall short in one or two of the 4 C’s. For example as of today with a 640 credit score you can purchase a home with as little as 3.5% down with an FHA mortgage and still get a great interest rate with most lenders. Now does that seem like seem like it’s too difficult to do? 3.5% down and what is considered mediocre credit is all that is needed to purchase home in today’s market. With the decline in interest rates and housing prices being down now is a great time to purchase or refinance a home. Please do not sit on the sidelines and miss out on this incredible opportunity because you thought it was “too difficult” to get a mortgage. If you would like more information on you can take advantage of some of the incredible programs that are still out there to help you refinance or purchase your next home please feel free to contact me.

If you want to find out incredible programs to help you refinance or purchase your next home, please visit the website: http:www.delcomortgages

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